India on the cusp of achieving $5 trn mark

New Delhi: India is registering growth amid a decelerating global economy, and the country is on the cusp of achieving a “psychologically important” $5 trillion mark, industrialist Nikhil Sawhney said on Tuesday.

The government has set an ambitious target to make India a $5 trillion economy in the coming years. Addressing business leaders here at a session of All India Management Association (AIMA), Triveni Turbine’s Vice Chairman and Managing Director Sawhney said, this is India’s century and the numbers point towards a great future for India. The country has over a billion consumer base and a strong workforce. India is already the fifth-largest economy in the world and it is set to become the third-largest soon. “India’s GDP is nearing $4 trillion and it is on the cusp of achieving a psychologically important $5 trillion mark. India’s digital economy is on the steroids and is set to grow to $1 trillion by 2026,” he said. At a time when the global economic growth is decelerating, India’s GDP growth is set to accelerate and stay above 6.5 per cent in the foreseeable future, Sawhney, who is also the senior vice president of AIMA, said.

He urged the business leaders “to think big and dream big. It is a time to raise our expectations and performance. It is a time to bring it all together to make India one of the best countries and Indians among the finest people in the world.” The world is looking towards India for succour amid economic and geopolitical troubles. With expectations of up to 7 per cent average GDP growth for the coming decade and further, India is seen as the key provider of both demand and supply to the world economy, he noted.